Solved Assignments Total surplus, computations. (12 points) GLS, Ch3 P 9. Low-skilled workers operate in a…

  

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Total surplus, computations. (12 points) GLS, Ch3 P 9. Low-skilled workers operate in a competitive market. The labor supply is QS = 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is QD = 240 – 20W. Q measures the quantity of labor hired (in thousands of hours). (a) (2 points) What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? (b) (2 points) If the government passes a minimum wage of $10 per hour, what will be the new quantity of labor hired? Will there be a shortage or surplus of labor? How large? (c) (4 points) What is the deadweight loss of this price floor? (Calculate the value.) (d) (4 points) How much better off are low-skilled workers in this case (in other words, how much does producer surplus change) and how much worse off are employers? (Calculate the values.)

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